NEW ZEALAND PRODUCE IN LONDON.

Otago Daily Times, Issue 13198, 3 February 1905, Page 3

NEW ZEALAND PRODUCE IN LONDON.

(Fnou Odr; OWN Con respondent.) , LONDON, December 31.

WOOL. It is noted by the New Zealand Loan and Mercantile Agency Company' that since the close of the November auctions no material change has taken place, the tone of tho wool market being very firm. Advices. from the manufacturing districts at home and abroad report a satisfactory demand both for fine and coarse grades, with prices tending in favour of sellers, particularly for the latter description. The mills in Dewsbury, Batley, and Sowerby Bridge districts, as well as in some parts of Scotland, arc still busily employed in the execution of ordters for army sorges and blanlceU for the Far East. ■ The fresh arrivals to date for the first series. of 1905, to open on Jantiaiy 17, aggregate some 75,000 bales.

I have received from Messrs Charles Balme and Co. the annual review brought-out by that firm in relation to the wool market. It opens with the remark that " scarcity of the raw material has again been tlio feature" of the wool market during the year. -During 1903 tho deficiency occurred not only in merino-wool, for "the output of crossbred has 'been rcduced by the equivalent of some 200,000 bales of colonial wool through deficient clips in Argentina, .New Zcaltuid, North America, and Great Britain, and lias proved inadequate to the needs of machinery. The full effect of the shortage in merinos lias not been felt, consumption having been much below tlio normal. At the same time demand has been sufficiently - vigorous to raise quotations to a moderate extent, in- spite of the fact that during the greater part of 1904 trade has been depressed and fashion lias been strongly in favour-of rough-haired fabrics/ Among coarse wools tho .great increase in consumption, heavy falling-ofl in supplies, and exhaustion of stocks lravo been strikingly illustrated by a continuous rise in values, which culminated in a scramble for the limited quantity available during! the- concluding months of the year, when large purchases wero being made on American account and European consumption had been materially increased by orders for Japanese and Bussian army clothing, prices being driven up to a higher point than has been attained since 1889. Tho appreciation of coarse wools has now "been in progress, with one or two mockrate reactions, for three years—the change of fashion in their favour having occurred during the earlier part of 1902, when the trade realised that the production of merinos was bound to, be abnormally small for some time to .come. Coarse wools now rule- 7d per lb higher than in December, 1901,-.when the quotation was 4d per lb—the lowest recorded price of recent times."- ■ After giving in detail the prices ruling at various periods during the year, Messrs Balme conclude by noting that the result of the year's operations has been to raise quotations for merinos 10 ,per'' cent., fine crossbreds 15 per cent., medium crossbreds 33 per cent., and coarse crossbreds 50 per cent, above the rates current at the close of 1903. Prospects for the New Year are thought' lo appear favourable. Trade in this country is gradually recovering from the depression which followed fho war. It is true that prices for both merino and crossbred wools are at a high level, but under existing conditions, and- making due allowance for an. increase, in productionthis season, supply and demand are so nicely

adjusted :lbat Viv very material decline in valiieV seems 'iinprobalile. ' At the -same tima; there. may-. possAly bevspme modification of . prices for those classes oficoarse wools which apprfciated.nipst in' Soyenifier last Bhould the. Wat in-the..'.Far'East, coinfcto an early termi,-- • nation. ' ' .'.' . ' '<■■ ~ - Deficient supplies bavei also been (lie feature of the 'sheepskiri market,' say Messrs Balme: The . large 1 iiui-chjses Vniade., on American ; acconnt';<Sariiig ;tl!e ;sec6hd half 'of .the -year. : aggravated .the scarcity', jo far; as European ■ fcllmong?rs were concerned. During-the aa.mo period, however, ..tliey havo had an excellent market for the coarser-kinds of pulled wool, which .were-in great request for the manufacture of .'army'clothing; Tho . result' of the fluctuations during' -the year has been to establish - ail advance on.morino skins of 15 per cent., on fine crossbreds of 25 per cent., on coarse crossbreds '45 per cent., and on shorn pelts 15 per cent., as compared with tho rate? current it .the end of 1903. During 1901 the: total of '50,753 ..bales of sheepskins (including 10,739 bales froiu New Zealand) was catalogued, the figure during 1903 being 5G,891 bales (inclusive of 10,51G from Now. Zealand). The-National Mortgage and Agency Company write to me "to-day as follows:—'i-Tlie closing month of tho year, has'witiiessed conspicuous strength in .prices;for all grades of wool. It frequently, happens that at this season of the year bfforts aro inside to depress prices, especially for crossbreds, in order to influence! colonial markets. This' was duly attempted at the middle of, the month,- but it met with no !. success, and prices -close -at the 'highest, of the year. A 'further- indication of the inherent strength of/;the demand was afforded by the sales a! the new . clip Argentine wools at | Liverpool oil the 21st,- when 2954 bales were offered ani all sold. Compared with this time last year prices, foi the* coarse grades were just 50 /per, cent, dearer. In view of the constant drain on all the. small existing stocks it is therefore probable.that good markets will lie .the ordof' of .the day for some time to come, i should no unforeseen political situation arise to disturb seriously the confidence." ' UAIRY PRODUCE. . I hear from Messrs W. Weddel and Co. that the New Zealand and Australian butter which was delayed in -landing by the fog has now been delivered, and has met with a good demand at reduced prices of about 2s per cwt. The retail trade'generally is out of stocks, and as' there is nothing.in.cold store buyers have to come in the open market to fill thoir requirements. Notwithstanding the large arrivals and the dullness caused by the holidays, there is less likelihood of a glut than at one time seemed probable. " Choicest" Australian brands are making 96s to 98s,'and' New Zealand 98s to 100s; " finest"' brands'-range, about 2s to Js per cwt: less,. There has- been a fair demand for Canadian and' New Zealand cheese, and .last week's prices ha.ve been very easily maintained.'. " I hear from the' National Mortgage and Agency Compniiy that, sellers of New Zealand butter per Delphic are - asking 100s per cwt, and in somo cases this price lias .been made. It is difficult to. say just bow the market will turn, hut-probably these' Ibw,prices will stimulate the trade and a better demand be experienced when the- holiday season is over. According'- to this report, owing to the fog ( prcvailing..]ast.,week, nearly-the whole of the Ortona's butter was delayed l , the consequence being that those parcels which were sold to come up were in many ip'stances refused by Ihe buyers, and these same butters have' to be bold over' again this week,'.with/other shipments imw arriving, the result .bejng.an oversupply and the'.iiiirk'ct slipped'., away; the quotations nO',v_are very/irregular, and butter is .not clearing well. • New-Zealand checse ex steamer now .-coming. is offered at 51s, and in some instances for a known factory 52s is demanded. It is expected the .cheese will sell rapidly on landing.at about (hose prices. . NEW ZEALAND. MEAT. Littlo business'has " been taking place in mutton and lamb, but with moderate su.ppl:e3 late; rates have been well maintained. The New Zealand Loan and Mercantile Agency Company;, say that during, the earlier part of the last three; weeks'; although the demand was fai from brisk,-a strike'at several of] the freezing works in Argentina caused a sharp advance in all descriptions of- beef. -During Christmas week Riul-.-since, however, with .large supplies, of .poultiy offering at cheap rates, the demand lias been extremely restricted, and at the close prices are inoie or less nominal.' Canterbury sheep are-quoted: at ; <id to 5-1 per .lb, North Island at 4Jd to.: -IJcb) and. North Island-ewes -at 3Jd to-35d; \Canterbury >laiub,'. Mto G1 per lb. There is no North Island lamb. I'-hear from the National Mortgage and Agency Company that arrivals of sheep from New Zealand' totalled about 37,000 carcases during the past three weeks. The demand has been moat limited, .as .is usual at Christmas time. Best quality light weight Canterbury sheep are quoted at 5d per lb, and heavy weights range.down to 45d per lb.' Other brands are in small supply, and are firmly held, ordinary small Nortfi Island sheep selling ■ ,'at -4Jd. per...lb.-down to 4ld for heavies; ewes /are-quoted"at'4d per.lb, Arrivals of lamb have included-' about 8000 -'carcases from |New Zealand; /thiSj'm.eat J is liow iih jery small supply, and consists "entirely of: descriptions;? tho demand'is slow, and prices may nominally- be qnoted at Gd' to 6Jd per lb. MISCELLANEOUS. . The New Zealand';.Loail : and -Mercantile Agency Company report Chat-there is [only a moderate demand for oats at late rates', B«ms and peas aro in small request,. biit ' prices remain fairly, steady—theJormor' being quoted at 29s to His- per 5011b,' Partridge' peas, at 31s to 38s, and blue peas at 26s to 33s per 5041b. For cocksfoot there is very little inquiry, and the transactions reported have only been of a retail character;' 171'b bright seed is quoted &t 50s, Kill) medium seed at -19s to 50s per cwt (ex-warehouse). In reference to the grain market, Mpssrs Gordon, AVoodrolfe, and Co. remark that very litllo business has been .passing in anything. Thero is only a small supply of New Zealand wheat-here; lotigberry (f.a,q.) being quoted at 34s per 49Glb to quarter, and shortberry at 335. ■According to the report- of the National Mortgage -and Agency Company, Now Zealand heavy oats range i from 20s 6d to 22s per 3841b • (cx^store)• ifor'bri^-ht samples and! 6d to-ls-.por quarter less for faulty lots. Cocksfoot meets with no demand, andi prices aro nominally unchanged in tho-absence oi any trading. Beans and peas are very quiet, and prices aro unchanged. TJie-Nation&l Mortgage and Agency Company remark that a quiet tone has prevailed in the market for flax during the past three weeks, and sales have been somewhat difficult to effect even with some concessions in prices. Manila has, however, remained firm but quiet, and confidonco is expressed of a Tjettor demand in the immediate future, 'fho sales amount to about 500 tons. Manila is quoted at £41 10s per ton, c.i.f., for fair current. It is noted both by tho National Mortgage and Agency Company and by Messrs Gordon, Woodroffe, and Co., that,'under pressure of a strong demand from all quarters and very short supplies,-prices for pelts still tend upward and aro very firm for all classes. Some contracts for forwavd-sliipinont'havo recently been made at full spot values. From this it is evident that buyers do not hope to see prices easier when tho new season's pelts come forward. At present, at least, tho market is stwng in ;all positions. Although this is so, it ia -well to remember that prices are abnormally high.- The demand for pelts is at present,, in excess of tho supply the world over. The' National Mortgage and Agency Company supply the following quotations for New Zealand pelts:—Crossbreds:, Heavy, firsts, 21s to 32s per dozen; do, seconds, 10s to 20s per dozen; medium substance, firsts, 19s to 2Gs per dozen'; do, seconds,. 12s to-18s : per dozen. Merinos: Firsts, 12s to 10s per dozen; seconds, 8s to lis per-dozen. Now- Zealand lambs: Firsts, 13s to 18s per dozen; seconds, 8s to 13s per dozen. The National Mortgage and Agency Company report that the supplies of Australian rabbitskins aro coming forward freely, but that New Zealand skins so far are not in heavy supply. For the sales next week about 2100 bales will be available. Although the quantity to be offered is : large, there seems to be a steady demand -for the-Skins, and no material change in values is anticipated. During the past three weeks there lias only been ond public sale of tallow. Messrs Gordon, Woodroffe, and Co. nijte that th'e demand at the last sale was small at late rate to 8d per . cwt decline.' Very little business has been possible-dtiring the interval, and.the market is quiet, ■ but] firm. At the sale fine mutton tallow realised, ,29s' Gd to 30s per cwt, good mutton 28s Gd to 295, fair mutton 26s Cd to 275, fine beef 27s to 27s Gd per cwt, good beef 26s 6d • ~to 275, fair beef 25s 9d to 2Cs, mixed good 2Cs 6d-to 275, mixed fair 25s 9d to 265, and mixed dark 25s to 25s Gd per cwt. y . During the past three -weeks.suppliei of frozen rabbits have shown a considerable falling-ofl, but the demand is also dwindling, and prices generally have remained without change." At the close there is rather a firmer. tendency. Arrivals have" consisted of about C 635. cases from New Zealand and 9245 cases from Australia, Tho National Mortgage and Agency Company give the following quotations per case of 24 rabbfts:—New Zealand large, 2Jlb and up, 15s to 15s 6d (Australian, same description,, being quoted at 14s Gd to 15s); New Zea- , land--young, 21b :to '251b, 12s to lis'cd (Australian, the same)) New! Zealand small, IJIb to 21b, lOs'to-10s Gd (Australian also the-same).